Modeling Weather and Climate for Applications in Insurance and Reinsurance
Call for Speakers: New Orleans Forum on Climate Linked Economics January 12-16, 2025, at the Ernest N. Morial Convention Center
These sessions delve into modeling natural hazards for insurance and reinsurance applications. We highlight the transformative impact of accurate risk assessment amid extreme weather threats driven by climate change. As severe convective storms and other natural hazards become more frequent and intense, insurers face unprecedented underwriting and claims management challenges. We will explore multiple modeling techniques, including advancements in catastrophe modeling, and discuss integrating climate data, historical patterns, and predictive analytics to provide a comprehensive risk view. We will examine the tradeoffs between accuracy and precision, noting that higher precision offers detailed predictions but may compromise broader accuracy due to inherent climate data uncertainties.
Additionally, we will touch on the limits of current scientific understanding and the challenges in predicting extreme weather events, emphasizing the need for continuous improvement and adaptation in risk modeling. These innovations are shaping the future of risk management and ensuring the stability of the insurance market in a changing climate.
Modeling Weather and Climate for Applications in Insurance and Reinsurance is part of the New Orleans Forum on Climate Linked Economics
Chaired by Josh Darr, Global Head of Peril Advisory at Guy Carpenter, and Stephen Bennett, Chief Scientist at Demex
Organized by the American Meteorological Society’s Financial Weather and Climate Risk Management Committee